Bank of America Merrill Lynch reiterated its buy rating for Apple.
Bank of America estimated that the impact of the tariffs will shake out to a drop of between 50 cents and 75 cents per share in annualized earnings.
"In the broader context of the tailwinds that AAPL has we view this as a relatively small amount over the next several quarters and would use the pullback as an especially attractive opportunity to buy shares of Apple," the note said.
President Donald Trump announced on Thursday that his administration will impose a 10% tariff on additional $300 billion of goods imported from China. Though it is unclear exactly which goods will face these new tariffs, Apple sent a letter tothat putting tariffs on a fourth list of products worth $300 billion would include nearly all of the company's products.
Bank of America estimated that the impact of the tariffs will shake out to a drop of between 50 cents and 75 cents per share in annualized earnings for Apple. "In the broader context of the tailwinds that AAPL has we view this as a relatively small amount over the next several quarters and would use the pullback as an especially attractive opportunity to buy shares of Apple," the firm said.2.16% lower on Thursday following the announcement of new tariffs. Bank of America has $240 price objective for the stock, representing roughly a 15% premium from its closing price on Thursday.
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